Full Press Release Details
CASI Pharmaceuticals
Announces Up to $20 Million Convertible Note Financing
South San Francisco, California
/ December 11, 2025 / ACCESS NEWSWIRE / -- CASI Pharmaceuticals, Inc. (NASDAQ: CASI, the "Company"),
a clinical-stage biopharmaceutical company developing CID-103, an anti-CD38 monoclonal antibody, for patients with organ
transplant rejection and autoimmune diseases, today announced that the Company has entered into a convertible note purchase agreement
(the "Purchase Agreement") with ETP Global III Fund LP, a partnership controlled by Dr. Wei-Wu He (the
"Purchaser"), pursuant to which the Company will issue and sell convertible notes in an aggregate principal amount of US $20
million to the Purchaser through a private placement. This investment is planned to provide runway to fund the Company through a Phase
1 study in China in renal allograft anti-body-mediated rejection (AMR) as well as development toward
a stable, high concentration protein solution for subcutaneous formulation.
The sale of the convertible notes will be
in tranches and subject to multiple closings with certain closing conditions, including Purchaser being satisfied with the business results
and financials status of the Company and the use of proceeds upon each closing.
Each convertible note issued pursuant to the Purchase Agreement will
mature in 36 months, bearing interest of 12% per annum from the issuance date. Upon maturity, each note may, at the Company's option,
be convertible into ordinary shares of the Company, par value US $0.0001 per share (the "Shares"), at a conversion price
of the volume weighted average closing price of the Company's Shares during the five consecutive trading days immediately preceding
the maturity date. The Purchaser also has the right to convert each note into Shares at any time from and including the 91st day after
the issuance thereof to and including the maturity date at a conversion price of the volume weighted average closing price of the Company's
Shares during the five consecutive trading days immediately preceding the date of conversion notice by the Purchaser. In no event shall
the conversion price be higher than US $2 per ordinary Share or lower than US $1 per Share.
About CASI Pharmaceuticals
CASI Pharmaceuticals, Inc.
is a public biopharmaceutical company developing CID-103, an anti-CD38 monoclonal antibody for organ transplant rejection and autoimmune
CID-103 is a fully human IgG1,
potentially best-in-class, clinical stage, anti-CD38 monoclonal antibody which targets a unique epitope and has demonstrated an encouraging
pre-clinical efficacy and clinical safety profile compared to other anti-CD38 monoclonal antibodies, and for which CASI owns exclusive
global rights. CASI received FDA IND clearance to conduct a Phase 1 study in renal allograft antibody-mediated rejection (AMR) in the
U.S. In parallel, CASI is actively recruiting and dosing patients in an ongoing Phase 1 study in immune thrombocytopenia (ITP). In addition,
CASI is assessing multiple technologies for development of a stable, high concentration protein solution for subcutaneous formulation.
More information on CASI is
available at www.casipharmaceuticals.com.
Forward Looking Statements
This announcement contains forward-looking statements. These statements
are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking
statements can be identified by terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates," "confident" and similar statements. Among
other things, the business outlook and quotations from management in this announcement, as well as the Company's strategic and operational
plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical
facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking
statement, including but not limited to the following: uncertainties related to the issuance, repayment or conversion of the notes pursuant
to the terms of the note purchase agreement and the notes; uncertainties related to the possibility that the transaction for the divestiture
of certain assets in China (the "Transaction") will not occur as planned if events arise that result in the termination of
the Equity and Assets Transfer Agreement, or if one or more of the various closing conditions to the Transaction are not satisfied or
waived; the possibility that our plan with respect to our business operations after the consummation of the Transaction can be implemented
successfully; our recurring operating losses have raised substantial doubt regarding our ability to continue as a going concern; the possibility
that we may be delisted from trading on The Nasdaq Capital Market if we fail to satisfy applicable continued listing standards; the volatility
in the market price of our ordinary shares; the risk of substantial dilution of existing shareholders in future share issuances; the difficulty
of executing our business strategy on a global basis including China; our inability to enter into strategic partnerships for the development,
commercialization, manufacturing and distribution of our proposed product candidates or future candidates; legal or regulatory developments
in China that adversely affect our ability to operate in China; our lack of experience in manufacturing products and uncertainty about
our resources and capabilities to do so on a clinical or commercial scale; risks relating to the commercialization, if any, of our products
and proposed products (such as marketing, safety, regulatory, patent, product liability, supply, competition and other risks); our inability
to predict when or if our product candidates will be approved for marketing by the U.S. Food and Drug Administration, European Medicines
Agency, PRC National Medical Products Administration, or other regulatory authorities; our inability to receive approval for renewal of
license of our existing products; the risks relating to the need for additional capital and the uncertainty of securing additional funding
on favorable terms; the risks associated with our product candidates, and the risks associated with our other early-stage products under
development; the risk that result in preclinical and clinical models are not necessarily indicative of clinical results; uncertainties
relating to preclinical and clinical trials, including delays to the commencement of such trials; our ability to protect our intellectual
property rights; the lack of success in the clinical development of any of our products; and our dependence on third parties; the risks
related to our dependence on Juventas to conduct the clinical development of CNCT19 and to partner with us to co-market CNCT19; risks
related to our dependence on Juventas to ensure the patent protection and prosecution for CNCT19; the risk related to the Company's ongoing
development of and regulatory application for CID-103 with respect to the treatment of antibody-mediated rejection for organ transplant
and the license arrangements of CID-103; risks relating to interests of our largest shareholder and our Chairman that differ from our
other shareholders; risks related to the development of a new manufacturing facility by CASI Pharmaceuticals (Wuxi) Co., Ltd. and
risks related to our disagreement with Acrotech with respect to the termination of agreements regarding EVOMELA . Further
information regarding these and other risks is included in the Company's filings with the SEC. All information provided herein is as of
the date of this announcement, and the Company undertakes no obligation to update any forward-looking statement, except as required under
applicable law. We caution readers not to place undue reliance on any forward-looking statements contained herein.
EVOMELA is proprietary to Acrotech Biopharma Inc. and
its affiliates. FOLOTYN is proprietary to Acrotech Biopharma Inc and its affiliates. The Company is currently involved
in disputes and legal proceedings related to certain pipeline products, including EVOMELA and CNCT-19. Please refer to
the Company's earlier SEC filing for further information.